Buying your first home can be a difficult and time consuming affair. We at Property Investment Coaching are first home experts and can quickly assist and educate you on the complex buyer process. This article details important savings that can be made in Stamp Duty exemption and the First Home Owners grant, allowing you to save up to $45,000. Don’t miss out!
Understanding Stamp Duty
Stamp duty is a government tax levied on purchase of a land or property typically paid at or before settlement proportionate to its value. It registers you, the purchaser, as the rightful owner. As of 2023, first home buyers no longer have to pay stamp duty (valued up to $30,000) if they build a new home for less than $650,000.
First Home Owner's Grant Explained
The First Home Owner’s Grant is given by the South Australian Government to eligible first home buyers looking to build their own home for $650,000 or less. To qualify, an applicant must be an Australian citizen over the age of 18 and have not bought a property before.
As of June 2023, those building those eligible can gain ~$15,000 in government contribution. Further information is available on the SA government website.
In total, the First Home Owner’s Grant combined with the Stamp Duty exemption can save ~$45,000 off the cost of your first home.
At Property Investment Coaching we can assist you in enacting healthy saving strategy and acquiring important government savings stress-free and with ease.
For more information on eligibility or if you’d like to speak to one of our expert advisors, contact us at contact@propertyinvestmentcoaching.com.au or call us on 1300 944 039.
You can download a guide to buying your first home with all the information you need to take the first step: Download here